As colleague, Seth Weintraub points out – the iPad is an important Apple product – so much so it has just acquired its very own iFund.

CNET and E! Online co-founder Kevin Wendle has teamed with MusicNation co-founder Daniel Klaus to form AppFund, a company designed to help entrepreneurs create and launch iPad and other Tablet based applications, reports TechCrunch.

AppFund will offer funds and advice to help developers build the apps the iPad needs in order to become what it can be – those individualised yet essential apps which will help the product become tool of choice across multiple industries and consumer groups.

From its NYC HQ, the fund will offer between $5,000 and $500,000 to start-ups getting into developing for the Apple product, with fundage granted dependent on just how complex the mooted App may be.